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LOANS AND ALLOWANCE FOR CREDIT LOSSES ON LOANS (Tables)

9 Months Ended

Sep. 30, 2022

Loans and Leases Receivable Disclosure [Abstract]

Composition of Loan Portfolio, Excluding Residential Loans Held for Sale

The composition of the Company’s loan portfolio, excluding residential loans held for sale, was as follows for the dates indicated:

(In thousands)						September 30, 2022						December 31, 2021
Commercial Loans:
Commercial real estate - non-owner-occupied						$	1,229,102					$	1,178,185
Commercial real estate - owner-occupied						333,785						317,275
Commercial						423,325						363,695
SBA PPP						685						35,953
Total commercial loans						1,986,897						1,895,108
Retail Loans:
Residential real estate						1,619,409						1,306,447
Home equity						233,367						210,403
Consumer						21,007						19,516
Total retail loans						1,873,783						1,536,366
Total loans						$	3,860,680					$	3,431,474

Schedule of Loan Balances by Portfolio Segment

The loan balances for each portfolio segment presented above are net of their respective unamortized fair value mark discount on acquired loans and net of unamortized loan origination costs for the dates indicated:

(In thousands)						September 30, 2022						December 31, 2021
Net unamortized fair value mark discount on acquired loans						$	(396)					$	(593)
Net unamortized loan origination costs(1)						6,429						3,110
Total						$	6,033					$	2,517

(1)    Net unamortized loan origination costs includes unrecognized origination fees for SBA PPP loans of $20,000 and $1.2 million as of September 30, 2022 and December 31, 2021, respectively.

Summary of Activity in Allowance for Loan Losses

The following table presents the activity in the ACL on loans, as reported under CECL, for the periods indicated:

						Commercial Real Estate
(In thousands)						Non-Owner-Occupied						Owner- Occupied						Commercial						SBA PPP						Residential Real Estate						Home Equity						Consumer						Total
At or For The Three Months Ended September 30, 2022
Beginning balance, June 30, 2022						$	16,210					$	2,501					$	5,145					$	1					$	8,438					$	1,796					$	153					$	34,244
Loans charged off						—						—						(183)						—						(49)						—						(46)						(278)
Recoveries						1						—						61						—						—						1						—						63
Provision for loan losses						922						146						192						—						696						63						494						2,513
Ending balance, September 30, 2022						$	17,133					$	2,647					$	5,215					$	1					$	9,085					$	1,860					$	601					$	36,542
At or For The Nine Months Ended September 30, 2022
Beginning balance, December 31, 2021						$	18,834					$	2,539					$	4,183					$	19					$	6,133					$	1,469					$	79					$	33,256
Loans charged off						—						—						(744)						—						(65)						—						(130)						(939)
Recoveries						2						2						341						—						—						87						5						437
(Credit) provision for loan losses						(1,703)						106						1,435						(18)						3,017						304						647						3,788
Ending balance, September 30, 2022						$	17,133					$	2,647					$	5,215					$	1					$	9,085					$	1,860					$	601					$	36,542
At or For The Three Months Ended September 30, 2021
Beginning balance, June 30, 2021						$	19,577					$	2,516					$	4,342					$	66					$	3,205					$	2,065					$	289					$	32,060
Loans charged off						—						—						(97)						—						(4)						—						(20)						(121)
Recoveries						—						2						49						—						2						4						7						64
Provision (credit) for loan losses						157						(214)						295						(23)						450						(231)						(165)						269
Ending balance, September 30, 2021						$	19,734					$	2,304					$	4,589					$	43					$	3,653					$	1,838					$	111					$	32,272
At or For The Nine Months Ended September 30, 2021
Beginning balance, December 31, 2020						$	21,778					$	2,832					$	6,703					$	69					$	3,474					$	2,616					$	393					$	37,865
Loans charged off						—						—						(503)						—						(92)						(145)						(88)						(828)
Recoveries						—						7						159						—						72						4						30						272
(Credit) provision for loan losses						(2,044)						(535)						(1,770)						(26)						199						(637)						(224)						(5,037)
Ending balance, September 30, 2021						$	19,734					$	2,304					$	4,589					$	43					$	3,653					$	1,838					$	111					$	32,272
At or For The Year Ended December 31, 2021
Beginning balance, December 31, 2020						$	21,778					$	2,832					$	6,703					$	69					$	3,474					$	2,616					$	393					$	37,865
Loans charged off						—						—						(799)						—						(92)						(162)						(111)						(1,164)
Recoveries						—						9						220						—						107						4						32						372
(Credit) provision for loan losses						(2,944)						(302)						(1,941)						(50)						2,644						(989)						(235)						(3,817)
Ending balance, December 31, 2021						$	18,834					$	2,539					$	4,183					$	19					$	6,133					$	1,469					$	79					$	33,256

Credit Risk Exposure Indicators by Portfolio Segment

Based on the most recent analysis performed, the risk category of loans by portfolio segment by vintage was as follows as of the dates indicated:

(In thousands)						2022						2021						2020						2019						2018						Prior						Revolving Loans Amortized Cost Basis						Revolving Loans Converted to Term						Total
As of September 30, 2022
Commercial real estate - non-owner-occupied
Risk rating
Pass (Grades 1-6)						$	261,937					$	275,295					$	164,434					$	126,764					$	111,150					$	259,205					$	—					$	—					$	1,198,785
Special mention (Grade 7)						—						168						368						266						78						327						—						—						1,207
Substandard (Grade 8)						—						131						1,356						207						7,998						19,418						—						—						29,110
Doubtful (Grade 9)						—						—						—						—						—						—						—						—						—
Total commercial real estate - non-owner-occupied						261,937						275,594						166,158						127,237						119,226						278,950						—						—						1,229,102
Commercial real estate - owner-occupied
Risk rating
Pass (Grades 1-6)						52,250						82,599						28,982						24,000						40,311						75,807						—						—						303,949
Special mention (Grade 7)						—						2,076						—						19,991						—						422						—						—						22,489
Substandard (Grade 8)						26						—						—						—						3,299						4,022						—						—						7,347
Doubtful (Grade 9)						—						—						—						—						—						—						—						—						—
Total commercial real estate - owner occupied						52,276						84,675						28,982						43,991						43,610						80,251						—						—						333,785
Commercial
Risk rating
Pass (Grades 1-6)						57,184						73,885						35,048						35,969						23,346						28,931						132,833						29,911						417,107
Special mention (Grade 7)						—						—						99						154						83						200						1,089						14						1,639
Substandard (Grade 8)						17						19						139						238						725						1,598						1,211						632						4,579
Doubtful (Grade 9)						—						—						—						—						—						—						—						—						—
Total commercial						57,201						73,904						35,286						36,361						24,154						30,729						135,133						30,557						423,325
SBA PPP
Risk rating
Pass (Grades 1-6)						—						685						—						—						—						—						—						—						685
Special mention (Grade 7)						—						—						—						—						—						—						—						—						—
Substandard (Grade 8)						—						—						—						—						—						—						—						—						—
Doubtful (Grade 9)						—						—						—						—						—						—						—						—						—
Total SBA PPP						—						685						—						—						—						—						—						—						685
Residential Real Estate
Risk rating
Pass (Grades 1-6)						429,072						584,538						248,329						81,522						52,447						220,335						334						—						1,616,577
Special mention (Grade 7)						—						—						—						—						170						2,662						—						—						2,832
Substandard (Grade 8)						—						—						—						—						—						—						—						—						—
Doubtful (Grade 9)						—						—						—						—						—						—						—						—						—
Total residential real estate						429,072						584,538						248,329						81,522						52,617						222,997						334						—						1,619,409
Home equity
Risk rating
Performing						22,801						698						346						5,003						8,193						9,403						174,615						11,720						232,779
Non-performing						—						—						—						—						—						59						441						88						588
Total home equity						22,801						698						346						5,003						8,193						9,462						175,056						11,808						233,367
Consumer
Risk rating
Performing						6,797						4,510						2,017						1,522						434						2,447						3,279						—						21,006
Non-performing						—						—						—						—						—						1						—						—						1
Total consumer						6,797						4,510						2,017						1,522						434						2,448						3,279						—						21,007
Total Loans						$	830,084					$	1,024,604					$	481,118					$	295,636					$	248,234					$	624,837					$	313,802					$	42,365					$	3,860,680

(In thousands)						2021						2020						2019						2018						2017						Prior						Revolving Loans Amortized Cost Basis						Revolving Loans Converted to Term						Total
As of December 31, 2021
Commercial real estate - non-owner-occupied
Risk rating
Pass (Grades 1-6)						$	286,428					$	179,565					$	161,695					$	118,196					$	96,169					$	274,731					$	—					$	—					$	1,116,784
Special mention (Grade 7)						171						7,266						286						119						4,294						10,590						—						—						22,726
Substandard (Grade 8)						350						1,518						217						9,942						391						26,257						—						—						38,675
Doubtful (Grade 9)						—						—						—						—						—						—						—						—						—
Total commercial real estate - non-owner-occupied						286,949						188,349						162,198						128,257						100,854						311,578						—						—						1,178,185
Commercial real estate - owner-occupied
Risk rating
Pass (Grades 1-6)						91,328						39,082						31,409						43,786						46,466						56,682						—						—						308,753
Special mention (Grade 7)						—						—						—						3,396						362						1,708						—						—						5,466
Substandard (Grade 8)						—						—						54						—						1,785						1,217						—						—						3,056
Doubtful (Grade 9)						—						—						—						—						—						—						—						—						—
Total commercial real estate - owner occupied						91,328						39,082						31,463						47,182						48,613						59,607						—						—						317,275
Commercial
Risk rating
Pass (Grades 1-6)						91,102						43,757						44,925						23,895						13,818						27,743						80,775						31,586						357,601
Special mention (Grade 7)						145						117						590						115						383						222						967						244						2,783
Substandard (Grade 8)						—						339						320						492						293						1,209						360						298						3,311
Doubtful (Grade 9)						—						—						—						—						—						—						—						—						—
Total commercial						91,247						44,213						45,835						24,502						14,494						29,174						82,102						32,128						363,695
SBA PPP
Risk rating
Pass (Grades 1-6)						35,164						319						—						—						—						—						—						—						35,483
Special mention (Grade 7)						470						—						—						—						—						—						—						—						470
Substandard (Grade 8)						—						—						—						—						—						—						—						—						—
Doubtful (Grade 9)						—						—						—						—						—						—						—						—						—
Total SBA PPP						35,634						319						—						—						—						—						—						—						35,953
Residential Real Estate
Risk rating
Pass (Grades 1-6)						586,637						281,804						103,228						63,403						46,696						219,983						903						—						1,302,654
Special mention (Grade 7)						—						—						—						—						—						230						—						—						230
Substandard (Grade 8)						—						—						—						—						—						3,563						—						—						3,563
Doubtful (Grade 9)						—						—						—						—						—						—						—						—						—
Total residential real estate						586,637						281,804						103,228						63,403						46,696						223,776						903						—						1,306,447
Home equity
Risk rating
Performing						760						554						6,179						10,995						2,464						10,792						165,189						12,295						209,228
Non-performing						—						—						—						41						—						174						847						113						1,175
Total home equity						760						554						6,179						11,036						2,464						10,966						166,036						12,408						210,403
Consumer
Risk rating
Performing						6,860						3,523						3,089						1,051						548						2,014						2,399						—						19,484
Non-performing						—						9						21						—						—						2						—						—						32
Total consumer						6,860						3,532						3,110						1,051						548						2,016						2,399						—						19,516
Total Loans						$	1,099,415					$	557,853					$	352,013					$	275,431					$	213,669					$	637,117					$	251,440					$	44,536					$	3,431,474

Loan Aging Analysis by Portfolio Segment

The following is a loan aging analysis by portfolio segment (including loans past due over 90 days and non-accrual loans) and loans past due over 90 days and accruing as of the following dates:

(In thousands)						30-59 Days Past Due						60-89 Days Past Due						90 Days or Greater Past Due						Total Past Due						Current						Total Loans Outstanding						Loans > 90 Days Past Due and Accruing
September 30, 2022
Commercial real estate - non-owner-occupied						$	195					$	—					$	11					$	206					$	1,228,896					$	1,229,102					$	—
Commercial real estate - owner-occupied						—						—						47						47						333,738						333,785
Commercial						1,323						14						470						1,807						421,518						423,325						—
SBA PPP						—						—						—						—						685						685						—
Residential real estate						2,179						500						843						3,522						1,615,887						1,619,409						—
Home equity						620						210						327						1,157						232,210						233,367						—
Consumer						41						2						1						44						20,963						21,007						—
Total						$	4,358					$	726					$	1,699					$	6,783					$	3,853,897					$	3,860,680					$	—
December 31, 2021
Commercial real estate - non-owner-occupied						$	—					$	—					$	51					$	51					$	1,178,134					$	1,178,185					$	—
Commercial real estate - owner-occupied						47						—						133						180						317,095						317,275						—
Commercial						282						174						787						1,243						362,452						363,695						—
SBA PPP						—						68						—						68						35,885						35,953						—
Residential real estate						379						475						1,210						2,064						1,304,383						1,306,447						—
Home equity						456						50						445						951						209,452						210,403						—
Consumer						95						1						32						128						19,388						19,516						—
Total						$	1,259					$	768					$	2,658					$	4,685					$	3,426,789					$	3,431,474					$	—

Financing Receivable, Nonaccrual

The following table presents the amortized cost basis of loans on non-accrual status (including non-accruing TDRs) by portfolio segment as of the dates indicated:

						September 30, 2022																		December 31, 2021
(In thousands)						Non-Accrual Loans With an Allowance						Non-Accrual Loans Without an Allowance						Total Non-Accrual Loans						Non-Accrual Loans With an Allowance						Non-Accrual Loans Without an Allowance						Total Non-Accrual Loans
Commercial real estate - non-owner-occupied						$	15					$	11					$	26					$	38					$	13					$	51
Commercial real estate - owner-occupied						—						47						47						86						47						133
Commercial						201						340						541						785						44						829
Residential real estate						1,203						359						1,562						1,780						327						2,107
Home equity						522						66						588						1,064						111						1,175
Consumer						1						—						1						32						—						32
Total						$	1,942					$	823					$	2,765					$	3,785					$	542					$	4,327

The following table presents the amortized cost basis of collateral-dependent non-accrual loans (including non-accruing TDRs) by portfolio segment and collateral type, as of the dates indicated:

						September 30, 2022																		December 31, 2021
						Collateral Type												Total Collateral -Dependent Non-Accrual Loans						Collateral Type												Total Collateral -Dependent Non-Accrual Loans
(In thousands)						Real Estate						General Business Assets												Real Estate						General Business Assets
Residential real estate						$	321					$	—					$	321					$	268					$	—					$	268
Home equity						—						—						—						111						—						111
Total						$	321					$	—					$	321					$	379					$	—					$	379

Troubled Debt Restructuring and Specific Reserve Related to TDRs

The following is a summary of TDRs, by portfolio segment, and the associated specific reserve included within the ACL for the dates indicated:

						Number of Contracts												Recorded Investment												Specific Reserve
(In thousands, except number of contracts)						September 30, 2022						December 31, 2021						September 30, 2022						December 31, 2021						September 30, 2022						December 31, 2021
Commercial real estate - owner-occupied						1						1						$	114					$	118					$	48					$	43
Commercial						1						2						58						74						—						—
Residential real estate						18						19						2,254						2,341						321						$	348
Consumer and home equity						3						3						246						253						7						6
Total						23						25						$	2,672					$	2,786					$	376					$	397

Troubled Debt Restructuring

The following represents loan modifications that qualify as TDRs that occurred during the periods indicated:

						Number of Contracts												Pre-Modification Outstanding Recorded Investment												Post-Modification Outstanding Recorded Investment												Specific Reserve
(In thousands, except number of contracts)						2022						2021						2022						2021						2022						2021						2022						2021
For the Three Months Ended September 30:
Home equity:
Maturity concession						—						1						$	—					$	144					$	—					$	143					$	—					$	6
Total						—						1						$	—					$	144					$	—					$	143					$	—					$	6
For the Nine Months Ended September 30:
Home equity:
Interest rate concession and payment deferral						—						1						$	—					$	159					$	—					$	170					$	—					$	56
Maturity concession						—						1						—						144						—						143						—						6
Total						—						2						$	—					$	303					$	—					$	313					$	—					$	62

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Tabular disclosure of allowance for credit loss on financing receivable.

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Tabular disclosure of financing receivables by credit quality indicator. The credit quality indicator is a statistic about the credit quality of financing receivables. Examples include, but not limited to, consumer credit risk scores, credit-rating-agency ratings, an entity's internal credit risk grades, loan-to-value ratios, collateral, collection experience and other internal metrics.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
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Tabular disclosure of aging analysis for financing receivable.

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-Topic 326
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-Section 50
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